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Revolut launches crypto trading in US

Revolut, a London-based challenger bank, has launched a crypto-trading service in the U.S. allowing customers to securely buy Bitcoin and Ethereum through its mobile banking app.

Revolut, which has operated its mobile banking service in the U.S. since 2019, is offering the crypto-trading service in 49 states through a partnership with Paxos, a firm licensed in New York State.

"Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency," Edward Cooper, head of currency at Revolut, said in a company release. "With Revolut, customers can exchange their dollars to Bitcoin and Ethereum with the tap of a button."

Revolut plans to add additional cryptocurrencies in the future. In Europe, Revolut customers can buy, hold and sell Litecoin, Bitcoin cash and XRP.

Customers signing up for the crypto service will also get the Revolut Prepaid Mastercard and other benefits of mobile banking customers, including two-day advanced access to direct deposit checks, instant spending notifications and details on monthly spending at merchants including restaurants and grocers.

Revolut, which launched in 2015, has more than 12 million customers globally. Revolut's mobile banking service in the U.S. is FDIC insured through a partnership with Metropolitan Commercial Bank. The crypto-trading service is not available in Tennessee.